A consortium led by JP Morgan will invest around $400m in two wind projects being developed by Enel Green Power North America in the US.
Under an agreement signed by the two parties, the consortium will fund the 150MW Origin wind project located in Garvin, Murray and Carter counties in Oklahoma, and the 200MW Goodwell project in Texas County, Oklahoma and Hansford County, Texas.
In exchange, the consortium will receive an equity interest with limited voting rights.
Subject to compliance with the requirements set out in the capital contribution agreement, Origin project is set to commence operations in the fourth quarter and Goodwell project a year later.
The consortium will contribute the funds once the plants are operational. Both projects are supported by long-term power purchase agreements.
Enel Green Power CEO Francesco Venturini said: "We are pleased to have reached this agreement, which further demonstrates EGP’s commitment to North America, where we have grown in a diversified manner, encompassing all the renewable technologies, from hydro to solar, from geothermal to wind. Specifically, in the wind sector, we have tripled our installed capacity in North America in the last four years only."
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By GlobalDataEnel Green Power stated that it will secure the obligations arising from its North American subsidiary’s agreement through a parent company guarantee, not extended to return on investment.
